Advantage aim to acquire Tokyo Star
by Richard Kilner
Story link: Advantage aim to acquire Tokyo Star
Advantage Partners, the Japanese investment fund, yesterday declared it is to make an offer for all the shares of Tokyo Star Bank.
Advantage has said it will pay ¥360,000 per share, and that its offer will extend from 5 February to 6 March.
In addition, its minimum required stake in the bank is approximately 75%, or 524,999 shares.
The Tokyo Star Bank has indicated that it welcomes the bid, and supports the offer made.
At a press conference Richard Folsom, Advantage Partners’ chief, said that the firm intended to boost the bank’s expansion by supporting its existing operations and creating new products and branches.
In 1999 the Tokyo Sowa Bank ended due to bad loans, and was succeeded by the Tokyo Star Bank.
Lone Star, a US investment fund, acquired the Star Bank seven years ago and possesses about 70% of it.
Lone Star has stated it would give up its stake for the Advantage offer.
Under the deal, neither the management nor the business model of the firm would be altered by Advantage.
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